Tata Sons to infuse fresh capital into Tata Power

PTIJun 19, 2007, 07.30pm IST

MUMBAI: Tata Sons, the main promoter of Tata Power, will infuse fresh capital into the power company through a mix of debt and equity.Shareholders of Tata Power Company Ltd (TPCL) have passed a resolution to offer 98,94,000 equity shares of Rs 10 each and 1,03,89,000 warrants, with option to subscribe one equity share of Rs 10 each per warrant, to Tata Sons -- the main promoter of the company-- TPCL informed the BSE today.The resolution, passed through a postal ballot, allows TPCL to issue 98,94,000 equity shares (constituting 5 per cent of the existing paid-up capital of the company) and 1,03,89,000 warrants to the promoters against cash on preferential allotment basis.Promoters can exercise the option of getting equity shares for warrants after April 1 next year, but it should not be later than 18 months from the date of issue of warrants or the equity shares.